The Growth and Sustainability Levy (Amendment) Bill, 2026, passed by Parliament, aims to lower the levy on gold mining businesses from three percent of gross production to one percent.
The action is a component of attempts to protect gold mining companies when the Minerals and Mining Royalty Regulations, 2025 were introduced.
In order to enable the state to make more money during times of high commodity prices, the Legislative Instrument creates a sliding-scale system that permits royalty rates to be modified in reaction to changes in international market prices.
The Minority Caucus, however, has expressed worries that the new L.I. may cost Ghana up to a million jobs and reduce investor interest in the mining industry.
Deputy Finance Minister Thomas Nyarko Ampem addressed these worries by pointing out that the Growth and Sustainability Levy reduction is meant to lessen the possible effects of the Minerals and Mining Royalty Regulations on mining firms.
“We don’t make laws to suit individuals. We are bringing this change so that Ghana can take maximum advantage of its natural resources. We all know that we have been blessed with gold.”
“Over the years, we haven’t taken enough advantage of this resource. This arrangement will make it fair to mining companies, and it will also make it fair to Ghanaians who are the owners of this natural resource,” he said.
Source: newsthemegh.com